“Today, innovation isn’t just a competitive advantage – it’s a necessity and organisations are bringing a cultural change of innovation to improve performance and productivity. We are living in a highly dynamic digital world where new and often ferocious competitors are emerging suddenly, with a product or service no one could have predicted,” said Prasad Rai – Vice President – Global Strategic Clients Group, Oracle India.
The advancements in technology and decreasing cost of computing resources have accelerated the application of AI across various industries and sectors. For instance, AI is used to detect fraud in the BFSI sector, improve clinical workforce in the healthcare sector, enhance safety in hazardous workplaces, perform precision farming in agriculture, etc. Likewise, some companies are using AI to drive new offerings and business models like moving from traditional product sales model to subscription-based business model.
“AI is also changing how work gets done in organizations by making operations more efficient and supporting better decision-making e.g. making better hiring decisions, planning and forecasting etc.. Another top benefit of AI involves automating various tasks thereby freeing up the workforce from mundane tasks e.g. concentrating efforts on better customer interactions than data entry,” said Saurabh Kumar, Partner, Deloitte India.
Let’s look at the areas where Indian companies have been innovating.
Lifestyle – Social Media
Lifestyle uses AI-based social media management tools which has helped the brand seamlessly engage with its social media audience. Lifestyle wanted to manage the traffic on its social media platforms hence needed a solution that puts things into automation. Using conversational AI has been a turning point in terms of building customer engagement.
“We now use a comment moderation solution which offers us an opportunity to empower our social media team with instantaneous, 24/7 moderation. The solution offers us the choice of prioritized recommendations for our social media team to act upon or take automated actions instantly,” Srinivas Rao, Sr. Vice President, Marketing, Lifestyle.
Apart from enabling and helping build a stronger and close-knit community with consistent engagement, real-time comment analysis has also enabled us to build a positive ecosystem across platforms.
GlobalLogic- Talent Acquisition
Going through 1000s of resumes and profiles to present 100 and then selecting 1 of them involves too much effort and repetitive tasks. But thanks to AI for saving the efforts of TA teams and helping them source the right talent. GlobalLogic uses AI to ML-based tools for sourcing talent, screening resumes and getting them onboard post selection.
“For someone manually going through the profiles, talking to his/her connections and sources to get good candidates, reading the resumes and matching it to the JD that he has got from the delivery team takes a lot of time and effort. It used to take a week to actually deliver a good profile to the delivery team which is now shortened to giving our TA team a potentially high fit catchment of profiles. So the TA team is now not expected to go through everything, do a keyword search, figure out what all is coming up, and read through everything. They now have access to profiles which the system has screened for them,” Padmanabhan explained.
Innovation acts as a true measure of the capacity to sustain growth. Being in one of the world’s fastest-growing economies, Indian companies are putting increased efforts towards industrial progress and innovation.
“With what was happening with us in the pandemic, every company, be it small or large has realized that if they have to stay relevant in their business, they need to have a massive digital transformation. And the way this digital transformation can happen at a fast rate is by taking the help of technologies that AI can offer. With covid, contact centers of insurance companies were not existing physically. But they were in need to connect with companies and file claims. This was the time AI came as a big help and companies have started to innovate more in this area,” said Ananth Nagaraj. CTO and founder gnani.ai.